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NEED HELP WITH REAL ESTATE QUESTION !!!

Discussion in 'Off Topic Threads' started by senior smoke, Jul 4, 2009.

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  1. senior smoke

    senior smoke Well-Known Member

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    Wauwatosa Wisconsin
    HELLO:
    if any of you are in real estate sales, or are a mortgage broker i need some advice.
    My daughter and son in law put in an offer of purchase on a home. the seller was given a time line, to either accept the offer or refuse the offer. the seller went past the time line, and the sellers real estate agent called my daughters real estate agent stating, the sellers are waiting to make a decision on the offer until monday, 3 days past the deadline when their rep who handles their financial affairs are back in town. now, as of today, my kids find another home, and they want to make an offer, because in their minds the original seller did not comply in time. my kids real estate agent said she does not want to make a new offer on another property because the sellers that are waiting until monday, could possibly back date the offer and fax or mail it as of the time they original had, and not the real date, and that could cause a legal problem. in my way of thinking, the original offer is null and void. what do you think? is that original offer null and void,regardless of what date the sellers put on the accepted offer?
    steve balistreri
     
  2. hmb

    hmb Well-Known Member

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    Their real estate agent is not making any sense. HMB
     
  3. MGeslock

    MGeslock TS Member

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    Steve,

    It all depends on your offer. IF you put a drop dead date in writing you should be fine. If you want to withdraw your offer do so in writing, BEFORE they accept.

    Have your agent call their agent and then put it in WRITING!!

    Remember you agent works for YOU! You direct them. If there is an issue with your agent, contact the firms broker! If your agent wont comply, find another agent that puts the clients whishes before their own.

    Refer to your contract!

    Disclaimer~~~~
    I do not know your state laws. I am not a lawyer. I am a licensed associate broker in Virginia with Prudential Simpson and Associates.
     
  4. senior smoke

    senior smoke Well-Known Member

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    thanks for the info.
    steve
     
  5. tj303

    tj303 Member

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    Location:
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    "Remember you agent works for YOU! You direct them." Not true in many states. In many states the fiduciary responsibility is to the Seller. The seller is the one paying the sales commission, agents work for the seller. This is not true if you have employed a "Buyers Broker" in this case the buyer is paying the commission so the agent works exclusively for the buyer. This was the law in New York when I was a licensed real estate broker.
     
  6. Big Jack

    Big Jack Well-Known Member

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    Have them contact their agent and withdraw the offer if that is their choice. If it hasn't been accepted and signed there is no contract. The offer can be withdrawn and any deposit must be returned. I can't be sure how your states laws would view their plight but if it hasn't been signed, no binding contract!

    Big Jack Liscensed Associate Broker in Pennsylvania
     
  7. senior smoke

    senior smoke Well-Known Member

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    thanks,
    steve
     
  8. oldgahchamp

    oldgahchamp Active Member

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    Senior Smoke, My personal opinion; 1. Your Kids need a different Real Estate agent.. 2. Your Kids should have consulted a Lawyer before submitting an offer, or should have made the offer "contingent on my/our Lawyers approval". Just my 2 cents on the subject. I had a RE license many years ago and my Wife still has her Brokers license. Larry Evans
     
  9. crusha

    crusha TS Member

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    Yes, I think your kids need someone who works better for them, assuming this one is even working for them at all. Fax machines show a date/time the fax was received, and letters have postmarks...so "their" agent's concern (again assuming it really is "their" agent) about "legal problems" stemming from back-dating the acceptance sounds pretty thin & clueless. Any well-written offer should state that the offer must be accepted and _RECEIVED_ in writing by such-and-such date...back-dating should not even be possible.


    How much earnest money / deposit do they have in the game? If the offer was properly written, that should be the limit of their exposure, anyway (hopefully it's not much). I never do more than $100 for that reason...somebody gets flaky, I walk away, and like the farmer says in the old joke: "You can keep the duck."
     
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